The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

The Philippines Shuts Down Financial Markets, European Watchdogs Ban Short Selling, US Banks Closing Branches

by Daily Hodl Staff
March 17, 2020
in Regulators
[the_ad id=”90130″]

The financial system is exhibiting a number of deep cracks amidst travel restrictions and closures stemming from the pandemic. The Philippine Stock Exchange (Pamilihang Sapi ng Pilipinas) closed its doors on Tuesday, becoming the first stock exchange in the world to halt trading. President and chief executive officer Ramon Monzon says the exchange is planning to reopen its $188-billion market on Thursday, the 19th.

On Monday, President Rodrigo Duterte widened the capital region lockdown to include Luzon Island, prompting the market’s shutdown the following day.

Monzon tells Bloomberg,

“If we were given the chance to articulate our position, we would have requested that we don’t be included in the closure. Even if the market drops it is better to be open and have that transparency.”

In an interview with ANC, Monzon explains how travel restrictions are preventing the exchange from performing critical functions.

“We need a broker community to be able to operate. We need them to be able to clear and settle, and more importantly, to get to their back office. If they can’t get to their offices, they won’t able to get the clearing settlement requirements.”

While the global pandemic disrupts every industry, locking down residents, shuttering businesses and crippling travel, the move is seen as controversial. Adena Friedman, CEO of Nasdaq, tells Bloomberg that it’s “much better” to keep the markets open since “pent-up issues” can happen with closures.

But emergency measures are forcing regulators to act promptly and without a scalpel, taking drastic measures to pump the brakes on spiraling markets. Financial watchdogs across Europe are issuing short-selling bans to stop the bleeding following the pan-European Stoxx 600 index plunge by over 34% in the last month.

Short selling is the practice of an investor borrowing shares, selling them instantly and hoping to acquire them again at a lower price in order to return them to the lender and pocket a quick profit.

France’s Autorité des Marchés Financiers has temporarily banned short selling in 92 shares until the end of trading on Tuesday. Italy’s regulator announced a 24-hour ban on short trades on 20 shares and Spain’s regulator approved a month-long moratorium on transactions in Spanish shares that create or increase net short positions, reports CNBC.

Meanwhile, banks across the United States are closing or cutting back on their branch operations, while others remain open in an attempt to foster trust in the banking system during the crisis.

As of the 16th, many banks have restricted operations to drive-throughs and ATMs only.

Says Philip Flynn, president and CEO of Associated Banc-Corp in Green Bay, Wisconsin,

“If we’re going to prevent a really bad outcome, really the only tool we have right now is to emphasize keeping people safe and away from each other as best as we can. It’s all about reducing the odds of spreading this.”

Consulting firm Deloitte suggests in a report issued on Monday that all banks close their lobbies and make sure ATMs are full, reports American Banker.

Capital One Financial has closed all of its cafe locations, along with 120 branches in certain locations. Nebraska Bankers Association and the North Carolina Bankers Association are closing lobbies or limiting walk-in access. Core Bank in Omaha, Nebraska is allowing lobby access through appointment only. Reading Cooperative in Massachusetts is allowing drive-through only.

Bank of America, Citigroup and Citizens Financial Group have not closed any branches while Wells Fargo is planning to shutter two branches in North Carolina.

According to a spokesman at Citizens Financial, the bank is committed to staying fully operational.

“We intend to keep our branches open as normal in order to ensure that our customers remain able to access their banking services.”

Some branches inside grocery stores will close, leaving only ATMs available, while others will remain open with a limited staff.

President and CEO of Reading Cooperative Julieann Thurlow says, via American Banker,

“Our biggest concern is that there becomes a hysteria around banking like there was around groceries. The banking system is stronger and more resilient than it’s ever been.”

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/guruXOX

Submit a Press Release

Industry Announcements

  • MultiBank Group To List MBG Token on Gate.io and MEXC During Official Token Generation Event
    July 18, 2025
  • GSR Leads $100 Million Private Placement Into Nasdaq-Listed MEI Pharma To Launch First Institutional Litecoin Treasury Strategy Alongside Charlie Lee
    July 18, 2025
  • KuCoin Launches xStocks, Delivering a One-Stop Access Point to Top Global Tokenized Equities
    July 18, 2025
  • PlayW3 Unleashes ‘Be the Boss,’ a New On-Chain Business Model That Turns Creators Into Owners – Over $320,000 Already Paid Out
    July 17, 2025
  • Streamex (BSGM) CEO Henry McPhie Highlights BSGM Merger and RWA Tokenization Strategy in Live TV Interview
    July 17, 2025
  • Numerai Announces $1 Million Strategic Buyback of NMR
    July 17, 2025
  • Bit Origin Secures $500 Million Equity and Debt Facilities To Launch Dogecoin Treasury
    July 17, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$118,299.70
$118,299.70
1.32%
Ethereum
$3,574.29
$3,574.29
1.66%
BNB
$733.84
$733.84
1.23%
Solana
$176.83
$176.83
3.49%
XRP
$3.47
$3.47
1.44%

Spotlight

  • Bitcoin Could Explode by 112% Before End of Year, According to Analyst Michaël van de Poppe – But There’s a Catch
    July 12, 2025
  • Financial Giant Handing up to $5,000 per Person in Data Breach Settlement After Names, Social Security Numbers and More Exposed
    July 12, 2025
  • Bitwise CIO Says Bitcoin Sellers Are Almost Exhausted, Doubles Down on $200,000 Bitcoin Price Target – Here’s His Timeline
    July 12, 2025
  • Football Pro Loses $240,000 in JPMorgan Chase Bank Scam, Triggering Inside Job Inquiry: Report
    July 12, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl